Marketing Management
Session Number – 1
MARKETING MANAGEMENT
Marketing management is an important to operative function (as distinct from managerial
function) of management. It performs all managerial functions in the field of marketing. It is
responsible for planning, organizing, directing and controlling the marketing activities. It is
required to build up appropriate marketing-mix to achieve the objectives of the business.
NATURE OF MARKETING
1. Marketing is Customer-focused.
2. Marketing must Deliver Value.
3. Marketing is Business.
4. Marketing is surrounded by Customer Needs.
5. Marketing is a part of Total Environment.
SCOPE AND FUNCTIONS OF MARKETING
In order to achieve this purpose, the Marketing Manager performs the following functions:
(i) Marketing research
(ii) Product planning and development
(iii) Buying and assembling
(iv) Selling
(v) Standardization, grading and branding
(vi) Packaging
(vii) Storage
(viii) Transportation
(ix) Salesmanship
(x) Advertising
(xi) Pricing
(xii) Financing
(xiii) Insurance
Definition of Marketing
Marketing consists of the strategies and tactics used to identify, create and maintain satisfying
relationships with customers that result in value for both the customer and the marketer.
Other definitions for marketing include:
● American Marketing Association (AMA): "Marketing is the process of planning and
executing the conception, pricing, promotion and distribution of ideas, goods and services
to create exchanges that satisfy individual and organizational goals."
, ● World Marketing Association (WMA): “Marketing is the core business philosophy which
directs the processes of identifying and fulfilling the needs of individuals and
organizations through exchanges which create superior value for all parties.”
● Chartered Institute of Marketing (CIMU) [United Kingdom]: “Marketing is the
management process for identifying, anticipating and satisfying customer requirements
profitably.”
CUSTOMER DRIVEN MARKETING STRATEGY (THE 4 P'S OF
MARKETING)
The term "marketing mix" became popularized after Neil H. Borden published his 1964 article,
The Concept of the Marketing Mix. Borden began using the term in his teaching in the late
1940's after James Culliton had described the marketing manager as a "mixer of ingredients".
The ingredients in Borden's marketing mix included product planning, pricing, branding,
distribution channels, personal selling, advertising, promotions, packaging, display, servicing,
physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these
ingredients into the four categories that today are known as the 4 P's of marketing, depicted
below:
Marketing decisions generally fall into the following four controllable categories:
● Product
● Price
● Place (distribution)
● Promotion
These four P's are the parameters that the marketing manager can control, subject to the internal
and external constraints of the marketing environment. The goal is to make decisions that center
the four P's on the customers in the target market in order to create perceived value and generate
a positive response.
Session Number – 2
Introduction to Marketing Management
Marketing Myopia
, Prof. Theodore Levitt described marketing myopia as:
● COLOURED PERCEPTION ABOUT MARKETING, SHORT-SIGHTEDNESS
ABOUT BUSINESS
● EXCESSIVE ATTENTION TO PRODUCT OR PRODUCTION AT THE COST OF
CUSTOMER & HIS ACTUAL NEEDS
● LEADS TO INADEQUATE UNDERSTANDING OF THE MARKET
When Does Marketing Myopia Strike
● Company more focused on selling rather than building relationships with the customers
● Predicting growth without conducting proper research.
● Mass production without knowing the demand. Giving importance to just one aspect
of the marketing attributes without focusing on what customer actually wants
● Not changing with the dynamic consumer environment
Self-Deceiving Cycle
● Businesses should have a vision rather than a goal.
● They should be able to see themselves at a point ahead of what they are now.
● This vision should be set assessing their own capabilities, their competitors’, as well as
the trends, Or else, a business can get trapped in a self-deceiving cycle.
Conditions that lead to self-deceiving cycle
● A belief that growth of the business is guaranteed by growth in population.
● Belief that there is no competitive substitute for the company’s product
● Supply creates its own demand, hence mass production.
● Overestimation of product’s qualities without conducting scientific research.
Examples of Marketing Myopia
● Kodak lost much of its share to Sony cameras when digital cameras boomed and Kodak
didn’t plan for it.
● Nokia losing its marketing share to android and IOS.
● Hollywood didn’t even tap the television market as it was focused just on movies.
BUILDING CUSTOMER RELATIONSHIP
A process of improving and maintaining relationships with your stakeholders by providing better
products and services with right attitude at lesser costs. E.g. Companies announcing dividend is a
part of CRM process. The outcome is building of a unique company asset called a marketing
network consists of company and its stakeholders.
The operating principle is simple i.e. build an effective network of relationships with
stakeholders and profit will follow.
It is the process of building and maintaining profitable customer relationships by delivering
superior customer value and satisfaction.
How to go about CRM
Companies are using following techniques:
● Emails
Session Number – 1
MARKETING MANAGEMENT
Marketing management is an important to operative function (as distinct from managerial
function) of management. It performs all managerial functions in the field of marketing. It is
responsible for planning, organizing, directing and controlling the marketing activities. It is
required to build up appropriate marketing-mix to achieve the objectives of the business.
NATURE OF MARKETING
1. Marketing is Customer-focused.
2. Marketing must Deliver Value.
3. Marketing is Business.
4. Marketing is surrounded by Customer Needs.
5. Marketing is a part of Total Environment.
SCOPE AND FUNCTIONS OF MARKETING
In order to achieve this purpose, the Marketing Manager performs the following functions:
(i) Marketing research
(ii) Product planning and development
(iii) Buying and assembling
(iv) Selling
(v) Standardization, grading and branding
(vi) Packaging
(vii) Storage
(viii) Transportation
(ix) Salesmanship
(x) Advertising
(xi) Pricing
(xii) Financing
(xiii) Insurance
Definition of Marketing
Marketing consists of the strategies and tactics used to identify, create and maintain satisfying
relationships with customers that result in value for both the customer and the marketer.
Other definitions for marketing include:
● American Marketing Association (AMA): "Marketing is the process of planning and
executing the conception, pricing, promotion and distribution of ideas, goods and services
to create exchanges that satisfy individual and organizational goals."
, ● World Marketing Association (WMA): “Marketing is the core business philosophy which
directs the processes of identifying and fulfilling the needs of individuals and
organizations through exchanges which create superior value for all parties.”
● Chartered Institute of Marketing (CIMU) [United Kingdom]: “Marketing is the
management process for identifying, anticipating and satisfying customer requirements
profitably.”
CUSTOMER DRIVEN MARKETING STRATEGY (THE 4 P'S OF
MARKETING)
The term "marketing mix" became popularized after Neil H. Borden published his 1964 article,
The Concept of the Marketing Mix. Borden began using the term in his teaching in the late
1940's after James Culliton had described the marketing manager as a "mixer of ingredients".
The ingredients in Borden's marketing mix included product planning, pricing, branding,
distribution channels, personal selling, advertising, promotions, packaging, display, servicing,
physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these
ingredients into the four categories that today are known as the 4 P's of marketing, depicted
below:
Marketing decisions generally fall into the following four controllable categories:
● Product
● Price
● Place (distribution)
● Promotion
These four P's are the parameters that the marketing manager can control, subject to the internal
and external constraints of the marketing environment. The goal is to make decisions that center
the four P's on the customers in the target market in order to create perceived value and generate
a positive response.
Session Number – 2
Introduction to Marketing Management
Marketing Myopia
, Prof. Theodore Levitt described marketing myopia as:
● COLOURED PERCEPTION ABOUT MARKETING, SHORT-SIGHTEDNESS
ABOUT BUSINESS
● EXCESSIVE ATTENTION TO PRODUCT OR PRODUCTION AT THE COST OF
CUSTOMER & HIS ACTUAL NEEDS
● LEADS TO INADEQUATE UNDERSTANDING OF THE MARKET
When Does Marketing Myopia Strike
● Company more focused on selling rather than building relationships with the customers
● Predicting growth without conducting proper research.
● Mass production without knowing the demand. Giving importance to just one aspect
of the marketing attributes without focusing on what customer actually wants
● Not changing with the dynamic consumer environment
Self-Deceiving Cycle
● Businesses should have a vision rather than a goal.
● They should be able to see themselves at a point ahead of what they are now.
● This vision should be set assessing their own capabilities, their competitors’, as well as
the trends, Or else, a business can get trapped in a self-deceiving cycle.
Conditions that lead to self-deceiving cycle
● A belief that growth of the business is guaranteed by growth in population.
● Belief that there is no competitive substitute for the company’s product
● Supply creates its own demand, hence mass production.
● Overestimation of product’s qualities without conducting scientific research.
Examples of Marketing Myopia
● Kodak lost much of its share to Sony cameras when digital cameras boomed and Kodak
didn’t plan for it.
● Nokia losing its marketing share to android and IOS.
● Hollywood didn’t even tap the television market as it was focused just on movies.
BUILDING CUSTOMER RELATIONSHIP
A process of improving and maintaining relationships with your stakeholders by providing better
products and services with right attitude at lesser costs. E.g. Companies announcing dividend is a
part of CRM process. The outcome is building of a unique company asset called a marketing
network consists of company and its stakeholders.
The operating principle is simple i.e. build an effective network of relationships with
stakeholders and profit will follow.
It is the process of building and maintaining profitable customer relationships by delivering
superior customer value and satisfaction.
How to go about CRM
Companies are using following techniques:
● Emails
